Bridgeway Capital Management LLC Raises Stake in Daktronics, Inc. $DAKT

Key Points

• Bridgeway Capital Management LLC increased its stake in Daktronics, acquiring an additional 286,426 shares, totaling approximately 1.47% of the company valued at $8.95 million.
• Several institutional investors, including Breach Inlet Capital Management, significantly raised their positions in Daktronics during the first quarter, showcasing increased interest in the company.
• Analysts downgraded Daktronics from a "buy" to a "hold" rating, with a current consensus rating of "Strong Buy" and an average target price of $26.00.

Bridgeway Capital Management LLC lifted its stake in shares of Daktronics, Inc. (NASDAQ:DAKT - Free Report) by 63.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 735,135 shares of the technology company's stock after acquiring an additional 286,426 shares during the quarter. Bridgeway Capital Management LLC owned approximately 1.47% of Daktronics worth $8,954,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in shares of Daktronics in the 1st quarter worth approximately $81,000. GAMMA Investing LLC raised its holdings in Daktronics by 5,889.3% in the first quarter. GAMMA Investing LLC now owns 7,247 shares of the technology company's stock worth $88,000 after purchasing an additional 7,126 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Daktronics during the first quarter valued at about $90,000. Virtus Advisers LLC bought a new stake in shares of Daktronics in the 1st quarter valued at about $107,000. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Daktronics in the 1st quarter valued at about $121,000. 61.69% of the stock is currently owned by institutional investors.

Daktronics Stock Down 1.3%

Shares of DAKT traded down $0.23 during mid-day trading on Tuesday, hitting $17.39. 94,456 shares of the company traded hands, compared to its average volume of 408,578. The business has a 50 day moving average of $16.69 and a 200 day moving average of $14.66. The company has a market capitalization of $854.20 million, a PE ratio of -39.51, a price-to-earnings-growth ratio of 0.57 and a beta of 1.69. The company has a quick ratio of 1.60, a current ratio of 2.22 and a debt-to-equity ratio of 0.19. Daktronics, Inc. has a 1-year low of $10.24 and a 1-year high of $19.89.

Daktronics (NASDAQ:DAKT - Get Free Report) last released its earnings results on Wednesday, June 25th. The technology company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $172.55 million for the quarter, compared to the consensus estimate of $189.10 million. Daktronics had a negative net margin of 1.34% and a positive return on equity of 15.29%. During the same quarter in the previous year, the firm earned $0.27 EPS. Equities research analysts anticipate that Daktronics, Inc. will post 0.96 EPS for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Daktronics from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Daktronics currently has an average rating of "Buy" and an average price target of $26.00.

Insider Buying and Selling at Daktronics

In related news, insider Sheila Mae Anderson sold 3,839 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $16.86, for a total value of $64,725.54. Following the transaction, the insider directly owned 39,495 shares of the company's stock, valued at $665,885.70. This represents a 8.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.30% of the stock is owned by company insiders.

Daktronics Profile

Daktronics, Inc designs, manufactures, and sells electronic scoreboards, programmable display systems and large screen video displays for sporting, commercial, and transportation applications in the United States and internationally. It operates through Commercial, Live Events, High School Park and Recreation, Transportation, and International segments.